Technical analysis of EUR/JPY for June 17, 2014 Trend News

General overview for 17/06/2014 08:00 CET

The first impulsive breakout to the upside has been done and now market should start to rally in the last wave of the corrective cycle. The key level is still the area of weekly pivot, technical resistance and supply zone between the levels of 138.49 - 138.58. Price must break higher in impulsive fashion to confirm higher levels will be tested. Any channel breakout to the downside is bearish and the count is invalidated.

Support/Resistance:

137.70 - Intraday Support

138.44 - Intraday Resistance

138.54 - Weekly Pivot

138.49 - 138.59 - Supply Zone (old)

139.36 - WR1

Trading recommendations:

The buy positions from yesterday should be kept open with the same valid SL and TP. More buy orders can be added to the existing ones if the level of 138.60 is broken and a minimum hourly candle has closed above this level.

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Review and intraday recommendations on gold for June 17, 2014 Trend News

The profit taking activity is pushing gold towards the south. The metal was rejected at 50-day SMA at $1,285.50, it made a high at $1,284.50. We recommended to book profits at $1,282 levels in yesterday's article. Today in Asia's session, the metal started melting and broke the 21 hrsma, moving towards 35 hrsma. On the down side, the metal has support at $1,264 and $1,262 levels. We can see another round of falling below $1,261.50 for $1,257.50 and $1,252 levels.

Traders can sell on the rise up to $1,272.50 with sl $1,275.

Buy with sl $1,262, cmp $1,264.

Sell below $1,261.50 for $1,257 and $1,252.

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Technical analysis of USDX and USD/CAD for June 17, 2014 Trend News

USDX

The USD index exactly hit 200-week EMA and started moving southwards. For the last 5 sessions, the pair has been making lower highs and lower lows. Today in Asia's session the index broke the 200-day EMA and drifted lower towards the lower end of the Symmetric triangle. On the upside, the price has strong resistance at 80.71 (double top), until the price breaches the double top, sell on the rallies for 80.30, 80.24, 80.12 and 80.05 levels. On the other side, if the index breaches 80.71, it can fly up to 82.50 and 84 levels (if it is able to close above 81 levels).

USD/CAD

The pair has been in an uptrend from 1.0814 and pushed towards the 50-day SMA. The pair was rejected for 4 times on a closing basis at 50-day SMA and pushed lower. The pair favors buying on dips for the short term. The pair made a short-term base between 1.0823 and 1.0814 levels, below this, it has strong support at 1.0790. Traders can buy until the pair breaks 1.0790 on a closing basis. On the up side, the pair has resistance at 1.0885 and 1.0922.

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Technical analysis of EUR/USD for June 17, 2014 Trend News

When the European market opens, some economic news will be released such as Italian Trade Balance, German ZEW Economic Sentiment, ZEW Economic Sentiment. The US will release the economic data too such as the Building Permits, Core CPI m/m, CPI m/m, Housing Starts, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3640.

Strong Resistance:1.3632.

Original Resistance: 1.3619.

Inner Sell Area: 1.3606.

Target Inner Area: 1.3574.

Inner Buy Area: 1.3542.

Original Support: 1.3529.

Strong Support: 1.3516.

Breakout SELL Level: 1.3508.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3529 and 1.3619. The rate is accompanied by strong support at 1.3516 and by 1.3632 as strong resistance.

If EUR/USD breaks out and closes below the 1.3508 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3640 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3516 and at 1.3632, a SELL position. In this case both targets should be placed at the level of 1.3574.

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for June 17, 2014 Trend News

In Asia, Japan will not release any economic data and the US will release some economic news such as Building Permits, Core CPI m/m, CPI m/m, Housing Starts. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.50.

Resistance. 2: 102.30.

Resistance. 1: 102.10.

Support. 1: 101.85.

Support. 2: 101.65.

Support. 3: 101.45.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.45) and resistance 3 (102.50). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Short-term forecast and intraday recommendations on USD/CHF for June 17, 2014 Trend News

The pair was rejected at 50-week SMA. So far this week, the pair made a double top at 0.9013 levels, above this, it has strong resistance at 0.9037 levels. It made a base at 0.8898 levels, holding 21-week EMA. This month the trading pattern is framed between 0.8898-0.9037. A breakout either side will create some more room for trading.

On the upper side, if the pair breaches 0.9037, it can fly up to 0.9082, 0.9157, 0.9198 and 0.9439 levels for the rest of the year. On the lower side, if it hits 0.8898, it will correct up to 0.8867, 0.8830 and 0.87 levels.

For intraday basis, the pair rejected at 200-day EMA (0.8987). It exactly hit the 200EMA and is trading below that. Traders can buy above 0.8987 for targets 0.9004 and 0.9013 levels. The support level is at 0.8965, below this, 0.8960 will act as minor support. Sellers can start to trade below 0.8960 for 0.8940, 0.8930 and 0.8910 levels.

Recommendations-

Buy above 0.8989 for targets at 0.9004, 0.9013 and 0.9035.

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Near-term forecast and intraday recommendations for GBP/USD for June 17, 2014 Trend News

Today traders will eye the CPI and RPI data on a yearly basis. We expect the CPI and RPI to be unchanged at 1.8% and 2.5%, respectively. The cable pushed to a 5-year high with respect to speculations of a interest rate hike. It made a high at 1.7011, a striking distance to a post-crisis high at 1.7043. We recommended yesterday buying above 1.7045, it still has not trigger. The cable made a high at 1.7011 and started moving back. Risky traders can short with sl 1.7043 with a reversal trade, buy above 1.7045, for 1.71 and 1.7140 levels.

The support level is at 1.6960 and resistance is between 1.7011-1.7043. The weekly support level is at 1.6820 (50-day SMA). Until the pair closes above 1.6820, traders can use the dip to buy on a positional basis. If a day close below 1.6820, we expect a healthy correction up to 1.6785 and 1.6740.

For intraday basis, the cable has support between 1.6960 and 1.6940. We can see the selling pressure below 1.6940 up to 1.6925 and 1.6870 levels. The hourly momentum oscillators favor selling side.

Support

21 hrsma 1.6925, 34 hrsma 1.6870, 50 hrsma 1.6845.

Resistance

1.6986, 1.7011, 1.7043.

Buy above 1.7045 for 1.7066, 1.71 and 1.7140.

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Daily analysis of USDX for June 17, 2014 Trend News

Daily chart: The USDX has fallen to the 200 SMA, where probably the USDX is trying a breakout to continue falling toward the support level of 80.11. However, it is expected to rise to the resistance level of 80.62 if the USDX makes a bullish rebound to the current levels. The MACD indicator is in negative territory.

H4 chart: The USDX has made a breakout at the 80.60 level and now the USDX is falling, so it is very likely that it will touch the support level of 80.34 in the coming hours. However, if the USDX does make a breakout on the resistance level of 80.60, it's expected to rise to the level of 81.02. The MACD indicator is in negative territory.

H1 chart: The USDX has found resistance at the 200 SMA and the 80.59 level, so far, the USDX is trying to make a breakout at the support level of 80.35. If successful, it is expected to fall to the level of 80.15. The MACD indicator is entering oversold territory and stays neutral.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.54.

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Daily analysis of GBP/USD for June 17, 2014 Trend News

Daily chart: The GBP/USD has continued with the bullish trend today, so far, this pair is finding resistance at the level of 1.7000. It is very likely that this pair will begin making corrective movements to form a bullish pattern, so it is advisable to wait for the GBP/USD to make a breakout at that level to continue placing buy orders. The MACD indicator is in positive territory.

H4 chart: This pair has found resistance at the 1.6995 level, so it is likely to fall to the support level of 1.6920 again. If GBP/USD manages to make a breakout at the level of 1.6900, it's expected to fall to the level of 1.6841. However, the GBP/USD remains strong in the bullish trend. The MACD indicator is in the overbought zone.

H1 chart: The GBP/USD continues to move sideways above the support level of 1.6950. If the pair manages to make a breakout on the resistance level of 1.7000, it's expected to rise to the level of 1.7050, which would be a strong bullish consolidation. For now, we recommend caution when placing sell orders. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.

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Daily analysis of GBP/JPY for June 16, 2014 Trend News

Overview

Today's H4 chart shows that the pair opened this week above the Resistance level of 172.50 as shown. Currently, it is trading above it to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level after the closing of the current H4 candle, it would be another opportunity for more bullish signals with first target few pips below the Resistance level of 173.50. Then, we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 174.00 as the second target. But as long as the price is trading below the Resistance level of 173.50 and cannot break it through, this cancels the bullish scenario.

Resistance and Support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.50), S2 (172.00), S3 (171.50).

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Daily analysis of Silver for June 16, 2014 Trend News

Overview

According to our previous expectations, the prices close below the Resistance level of 19.90 will give new opportunities for sell signals. Currently, the metal has already managed to close below the Resistance level to trade below and open the way towards 19.50 as first target, then the metal must test the Support level of 19.20 to get more bearish move till reaching the level of 19.00 as a second target. On the other hand, the metal's rebound from the Support level of 19.50 cancels the bearish scenario.

Resistance and support levels: R3 (20.50),R2 (20.20), R1 (19.90), S1 (19.50), S2 (19.20), S3(19.00)

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EUR/NZD analysis for June 16, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.5562 on volume below the average according to the 4H timeframe. According to the Daily timeframe, we can observe weak demand and no demand bar, so buying at this stage looks risky. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the previous price action, we have got a resistance level at the price of 1.5745 (previous swing low like resistance). Anyway, if the price breaks the level of 1.5560 on higher volume, we may see more downward movement. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5666

R2: 1.5691

R3: 1.5730

Support levels:

S1: 1.5588

S2: 1.5563

S3: 1.5524

Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Gold analysis for June 16, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,284.67. As you can see in the graph, the price tested our resistance level (swing low like resistance). We must wait to see what will happen around our resistance level, if the price breaks the level of 1,285.00, we may see possible testing the level of 1,296.00 (submajor Fibonacci retracement 61.8%). According to the 4H timeframe, we can observe weak demand, which is a sign that buying at this stage looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,279.12

R2: 1,279.68

R3: 1,280.60

Support levels:

S1: 1,277.28

S2: 1,276.72

S3: 1,275.80

Trading recommendation: Be careful with buying at this stage since the price is near resistance.

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USD/CAD intraday technical levels and trading recommendations for June 16, 2014 Trend News

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21.

The USD/CAD pair found temporary resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum.

As expected, a bearish corrective movement took place towards 1.0875-1.0800 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place.

Bullish recovery can be seen around 1.0800 which is manifested in a "double-bottom" pattern being established on the 4H chart.

4H fixation above 1.0875 confirms the pattern exposing price levels around 1.0950 shortly after.

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EUR/AUD intraday technical levels and trading recommendations for June 16, 2014 Trend News

By breaking down price level of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it also confirmed a bigger Head and Shoulders pattern.

The bears managed to break down 1.4950 then 1.4750 corresponding to 50% and 61.8% Fibonacci levels respectively.

Previously, a bullish pull-back was initiated off 1.4670 ( around 61.8% Fibonacci ). Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) were executed. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt.

Moreover, Intraday support zone around 1.4750-1.4660 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4500 then 1.4400.

Since then, the pair has been moving downwards within the depicted RED channel in an attempt to reach the lower limit located roughly around 1.4320.

Overall, the daily chart suggested bearish tendency especially when the daily candlesticks maintained closures below 1.4500.

On the other hand, the current price zone around 1.4375-1.4420 should be watched for significant bullish price action as we can witness bullish recovery taking place today.

Failure of the bulls to provide enough buying pressure at the current levels will expose price levels around 1.4300 immediately.

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Weekly technical levels of GBP/USD for June 16-20, 2014 Trend News

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to a breakout.

Observations :

• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.


• Major support will set at the level of 1.6805 on June 16, 2014.


• Major resistance will set at the level of 1.7151 on June 16, 2014.


• We expect a new range up to 210 pips this week.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.


• Stop loss should never exceed your maximum exposure amounts.


• As a rule, the market is highly volatile if the last day had huge volatility.

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Intraday technical levels and trading recommendations on EUR/USD for June 16, 2014 Trend News

The price zone 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the ongoing bullish momentum above the depicted bullish trendline.

Thus, a Double Top reversal pattern was established with a neckline located at 1.3700. This reversal pattern has already hit its projection levels.

On the other hand, we should highlight Thursday's bullish engulfing daily candlestick which emerged off 1.3500 (may pause the ongoing bearish momentum).

The EUR/USD pair is now roughly trapped within a congestion zone extending between 1.3560 and 1.3480 after the bears managed to breakdown 1.3560 last week.

Price levels around 1.3480 then 1.3440 are now exposed to be hit. They correspond to the lower limit of the ongoing bearish 4H channel depicted on the chart.

On the other hand, if bullish pressure emerged off the current levels and managed to fixate again above 1.3560, the pair would probably visit the upper limit of the depicted channel around 1.3640-1.3660.

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Intraday technical levels and trading recommendations on GBP/USD for June 16, 2014 Trend News

The bottoms around 1.6465 and 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher.

However, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs as depicted on the chart.

Again last week, the GBP/USD pair showed bullish recovery after testing 1.6690 which was followed by strong bullish pressure being applied.

This pushed the pair again towards retesting of 1.6980-1.7000 (prominent top established on May 6).

If the bears keep preventing any bullish breakout above 1.7000, the pair will have obvious targets around 1.6900 initially then 1.6850 to be followed (depicted on the 4H chart).

Recently, the price level of 1.6920 provided enough SELLING pressure on May 21 which managed to pause the bullish impusle. However, this time the bears have failed to pause the ongoing bullish pressure.

The bulls managed to re-fixate above the previously broken uptrend line. Moreover, they are now challenging the recent top around 1.6970 - 1.7000.

Management of the bears to maintain the 4H fixation below this price zone suggests a bearish limb towards 1.6850 - 1.6810 where significant Fibonacci Levels are located.

On the other hand, 4H bullish fixation above 1.7000 will enable the bulls to reach 1.7090 and probably 1.7130 before bearish retracement can take place.

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#USDX Technical analysis for June 16, 2014 Trend News

The Dollar index currently at 80.66 is forming a bullish pattern of higher highs and higher lows. The low at 80.50 is now very important for the short-term trend. The Dollar index has retraced 61.8% of the rise from 80.24 to 80.90 and is now turning higher. 80.50 is the stop for bulls. Breaking below that level will put the bearish scenario of targeting 80 back in play.

The Dollar index is fighting the Ichimoku cloud in the 4-hour chart as shown above. Longer-term trend is unclear but short-term trend seems supported at 80.50. Breaking above 80.90 will push prices towards 81.50. If support at 80.50 and 80.40 fails we should expect the bearish scenario to be in play and we should anticipate to see 80. For now we favor the bullish scenario.

The Dollar index is consolidating near the highs and above the 23% retracement. The deepest retracement level that was reached was the 38% Fibonacci level. This consolidation near the highs makes our longer-term view unclear, but according to our short-term view, being long is preferred as long as we trade above 80.50. 80.50 if broken will find us reversing our long positions to short.

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Gold technical analysis for June 16, 2014 Trend News

Gold price has managed to break above the 61.8% Fibonacci retracement of the decline from $1,300. Next short-term resistance is the 78.6% retracement at $1,288. As I mentioned in my previous analysis, short-term trend is up and it looks like Gold price is heading towards $1,300 after achieving our short-term targets of $1,264 and $1,277.

Gold price is above the Ichimoku cloud and has also broken the 61.8% retracement. Gold price is also trading above the light blue trend line support. The upward trend is expected to continue towards $1,300 at least. Support is found at $1,270. If broken we could then confirm that the upward move from $1,240 is complete and we should expect a back test of the Ichimoku cloud near $1,260.

Gold price in the daily chart is moving as expected by our last analysis. I've been bullish since $1,240 and I was targeting the lower boundaries of the Ichimoku cloud. This is strong resistance and I expect the rise in Gold price to pause at these levels. Breaking above $1,300 will give me $1,330-40 as target. Support at $1,240 is the most important daily level.

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Technical analysis of EUR/JPY for June 16, 2014 Trend News

General overview for 16/06/2014 09:40 CET

The idea of an extended wave 4 in the shape of a triangle or more complex correction in big wave 2 in the shape of (W)(X)(Y) pattern so far has been unconfirmed as this pair is making lower lows and shows no signs of impulsive progression. The key level to the upside on hourly chart is a rather strong resistance zone that confluence weekly pivot, supply zone and technical resistance. Only a breakout above the golden trendline and once more above the key level is bullish.

Support/Resistance:

137.70 - Wave B Low

137.96 - Intraday Resistance

138.54 - Weekly Pivot | Supply Zone | Key Level |

139.36 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current levels with SL below the level of 137.69 and TP at the level of 138.54 and then wait what market will do next.

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Technical analysis of Gold for June 16, 2014 Trend News

Technical outlook and chart setups:

1. Gold has rallied through the resistance region of $1,278.00/$1,280.00 as expected and as seen here. Please note that the fibonacci 0.681 resistance is passing through $1,278.00/79.00 and the past resistance turned support is also around the same $1,279.00 levels as seen here.

2. Support is seen at $1,245.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,300.00, followed by $1,310/15, $1,330.00 and higher up respectively.

3. The structure indicates that Gold should remain in control of bears till $1,300.00 levels remain intact. A bearish reversal could be expected around current levels.

Trading recommendations:

Remain flat for now. Look to sell on a bearish reversal here.

Good luck!

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Technical analysis of USD/CAD for June 16, 2014 Trend News

General overview for 16/06/2014 09:10 CET

One more possibility has been analyzed on higher time frames that was not showed on previous charts. The corrective cycle could be completed at the level of 1.0960, just where 61%Fibo level is. In this case the possible upside rally in last wave C green is no longer valid and all the downside price action is the beginning of the impulsive movement. On the other hand, the alternate count that I'm following on hourly chart, shows a possibility of more developed correction to the upside as long as the level of 1.0812 holds (old wave B low). To confirm this scenario, the price must break out of the golden corrective channel and the first confirmation comes with weekly pivot breakout at the level of 1.0872 and secondary confirmation comes with the level of 1.08846 breakout. Any new low below the level of 1.0812 invalidates the irregular flat bullish progression scenario.

Support/Resistance:

1.0805 - WS1

1.0812 - Wave B Low

1.0821 - Technical Support

1.0841 - Intraday Support

1.0870 - Intraday Resistance

1.0872 - Weekly Pivot

1.0884 - First Confirmation Level

1.0904 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current levels with SL below the level of 1.0840 and TP at the level of 1.0870 and then wait what the market will do next.

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Elliott wave analysis of EUR/NZD for June 16, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5728

R2: 1.5682

R1: 1.5631

Current spot: 1.5578

S1: 1.5566

S2: 1.5507

S3: 1.5455

Technical summary:

We would normally expect a more complex blue wave iv, but the break below 1.5629 could be an indication that blue wave iv became very small and ended already at 1.5688. However, to confirm that blue wave iv is over, we still need a break below support at 1.5566. As long as support at 1.5566 stays untouched, we still believe a more complex blue wave iv correction will be unfolding for a new rally just above 1.5688, but a break below support at 1.5566 will indicate that blue wave iv ended early for a continuation lower in blue wave v towards 1.5447.

Trading recommendation:

Stay neutral and await a more attractive entry level.

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Elliott wave analysis of EUR/JPY for June 16, 2014 Trend News

Today's Support and Resistance levels:

R3: 138.56

R2: 138.23

R1: 137.95

Current spot: 137.80

S1: 137.72

S2: 137.50

S3: 137.20

Technical summary:

Support at 137.72 (the starting point of wave i) needs to protect the downside for a break above minor resistance at 137.95 and more importantly, a break above resistance at 138.23 that confirms a new rally towards 138.56 on the way towards 140.08 and likely even higher towards 141.10. If however, support at 137.72 is broken, that will delay the upside for a move closer to 137.50 and maybe even 137.20 before the bottom of wave (b) finally is in place.

Trading recommendation:

We are long in EUR from 138.40 with stop at 137.65. If you are not long in EUR yet, then buy upon a break above 132.95 with the same stop at 137.62.

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